- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
4(1)Section 461 of ICTA (exemption of registered friendly societies from tax in respect of business which is not life or endowment business) is amended as follows.
(2)After subsection (4) insert—
“(4A)Where—
(a)at any time an insurance company acquires by way of transfer of engagements from a registered friendly society any business other than life or endowment business, and
(b)immediately before that time the society was exempt from corporation tax on profits arising from that business,
the insurance company shall be exempt from corporation tax on its profits arising from any part of that business which relates to contracts made before that time.
(4B)But if during an accounting period of the insurance company there is an increase in the scale of benefits which it undertakes to provide in the course of carrying on any such part of that business, the company shall not be exempt from corporation tax by virtue of subsection (4A) above for that or any subsequent accounting period.”
(3)In subsection (5), after “(4)” insert “or (4A)”.
(4)Insert at the end—
“(12)The Treasury may by regulations provide that, where any part of the business of a company is exempt from corporation tax by virtue of subsection (4) or (4A) above, the Corporation Tax Acts have effect subject to such modifications (or exceptions) as the Treasury consider appropriate.
(13)Regulations under subsection (12) above—
(a)may make different provision for different cases,
(b)may include any incidental, supplementary, consequential or transitional provisions which the Treasury consider appropriate, and
(c)may include retrospective provision.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: